Flipping Insecurity-What do I do now?

[Porsche Thompson]

Hello BP,

I started my real estate investing career last year. My husband and I bought our first property last summer, a triplex, with our VA loan. We got the house for 94,500 and have positive cash flow since ($450.00/month). We currently live in one of the units and decided to wait our occupancy in this property (1 year) by buying a flip.

We ended up buying a 31k SFH thru seller financing (12%) and plan to put 30k into it for rehab and sell for about 125k. We didn't have much cash laying around for HML (20% down payment) at the time so we took out a home improvement loan with our local credit union, thinking we can cover everything with it. Unfortunately, we only got approved for 19k. We took the money and started the rehab, hoping to stumble across a private lender in our travels (mistake).

So now, we're in the thick of repair and pricing everything out with our set team and realize we need about 19k more to finish everything. We don't have much equity in our house since we just got it last year and our credit is in the low 630s. We have about 11k left of the 19k home loan and decided to apply for a HML.

I'm just a little worried because if we don't get this loan, I'm not sure what to do. Some options are selling it to another investor just as it is; bare with updated plumbing and electric, like pre-hab and be happy to get a little profit or break even. Or hold it for a few months until we find a private lender to cover the other 19k.

Since it's such a small loan amount I don't have much hope in finding a lender that will think it's worth their time.

We've reached out to family and friends to see if they want to lend but no bites as of yet. 

What should we do to move forward and not lose our shirts on this property?